262.1. The pension referred to in the first paragraph of section 262 is granted without actuarial reduction to a person who is a participant in a pension plan if the person satisfies one of the following requirements:
(1) the person is 60 years of age or over;
(2) the person has 30 or more years of service; or
(3) the person has, in years of age and years of service, a combined total of 80 or more.
If the person does not satisfy any of the requirements, that part of his pension that pertains to the years and parts of years of service credited after 31 December 1991 is reduced for its duration by 0.25 % per month, computed for each month comprised between the date on which his pension is granted and the nearest date on which it would otherwise have been granted to him under subparagraph 1, 2 or 3 of the first paragraph.